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Although, Spain constitutes a ‘primary market’, this does not
mean there are no risks involved with investing in this country. We
have all by now heard of landgrab, where the Spanish government
appropriate your land for themselves, but this is confined to
certain areas. Make sure it is not your area! Also, the recently
reported water shortages may put off prospective holiday-makers.
Spain is popular with investors because it has so much to offer.
Economic growth is continuing, there is a seemingly never-ending
programme of building and development going on, there are very many
flights available, and also many sporting activities on offer. The
climate is usually reliably hot – a potent attraction.
Those considering an investment-only
purchase in Spain should bear in mind: location (of course!) -
the property has to be near airports, swimming pools, beaches and
have good car and road access. It is also essential to look at your
potential investment from the point of view of a buyer. Is it well
finished? Does it have damp –as many hastily-erected Spanish
properties do? What will it look like in five years’ time? What are
the service charges like?
Property developers point out that there is currently around
17 per cent growth per annum on properties in Spain, plus strong
rental opportunities. But there are
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Liz Hodgkinson is a prolific author
and journalist contributing to many publications. She
has written over 40 books on a wide variety of topics
and has a background in national newspapers. She now
falls into the 'later-life' age category and in
recent years has started writing for this 'older'
market, and contributes to Saga magazine, among
others.
Liz has two sons and four grandchildren. She is
divorced and now lives in London and on the
South Coast. She has written three books on property
matters and her interests include snooping round
other people's houses and viewing showhomes.
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also
ongoing running costs, local taxes and maintenance costs to bear in
mind.
A word of warning: do not ever be tempted to go on a fly’n’buy
trip to Spain believing it to be a cheap holiday. Reps of the
developers will not only meet you at the airport, they will stick to
you at all times like s**t to a blanket – and woe betide you if you
try to sneak off for an afternoon on the beach. You will be summarily
put on the next flight home, which you will have to pay for yourself.
An inspection trip is just what it says, and you can expect
high-pressure sale techniques from commission-hungry reps, who are
often expats recruited for that very purpose.
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